Slovakia’s economy expected to drop by more than 9 percent

Although May indicators imply a slight improvement, negative risks endure, NBS analyst said.

NBS building in BratislavaNBS building in Bratislava (Source: Sme)

The novel coronavirus pandemic will have quite a large impact on Slovakia’s economy in the second quarter of this year. It is expected to drop by 9.3 percent quarter-on-quarter, analysts from the monetary section of the National Bank of Slovakia (NBS), country’s central bank, forecast.

SkryťTurn off ads
Article continues after video advertisement
SkryťTurn off ads
Article continues after video advertisement

Their expectations that the pandemic would be fully reflected in the monthly drop in the April figures and thus worsen the economic development forecast have been confirmed.

Related article Kažimír: Slovak economy is in free fall Read more 

“An improvement in the economic performance in the first quarter of 2020 compared with the flash estimate of the Statistics Office was slightly positive,” said NBS analysts, as quoted by the SITA newswire, adding that ‘soft’ indicators from May imply a careful mood improvement following the gradual lifting of the coronavirus measures.

SkryťTurn off ads

However, the question is how these indicators will be reflected in economic parameters, which is why negative risks to future development endure, the analysts concluded.

Related article Investmet Guide: Your key to understanding the Slovak business environment Read more 

Top stories

Stock image.

Twice as many Ukrainians work in Slovakia now than before the Russian invasion.


Píšem or pišám?

"Do ľava," (to the left) I yelled, "Nie, do prava" (no, to the right), I gasped. "Dolšie," I screamed. "Nie, nie, horšie..." My Slovak girlfriend collapsed in laughter. Was it something I said?


Matthew J. Reynolds
Czech biochemist Jan Konvalinka.

Jan Konvalinka was expecting a pandemic before Covid-19 came along.


SkryťClose ad